As a seasoned crypto investor with over two decades of market experience under my belt, I’ve learned to take every expert’s opinion with a grain of salt – even the legendary Peter Brandt. While his technical analysis can be insightful, it’s important to remember that the cryptocurrency market is notoriously unpredictable and prone to rapid shifts.
Legendary trader Peter Brandt recently shared his updated analysis on Ethereum‘s pricing, an assessment that can hardly be described as optimistic.
The expert pointed out on the Ethereum price chart a possible 38% drop in its value. Currently trading at about $2,500 per ETH, the expert believes Ethereum remains bearish. Although there was a temporary increase in price, it has not yet triggered a buy signal according to the trader’s assessment.
On the trader’s graph, they divide Ethereum’s price movement into two significant periods. The current struggle to break free from this price range, where the cost seems stuck at around $2,800 per ETH, serves as the basis for Brandt’s pessimistic viewpoint regarding Ethereum’s price trend.
It’s worth mentioning that the Ethereum chart didn’t trigger a buy signal. Instead, it continues to exhibit a bearish trend and has yet to reach the predicted level of 1551.
— Peter Brandt (@PeterLBrandt) October 31, 2024
Consequently, the trader sets the primary altcoin’s new target price at $1,551, marking a significant decrease of approximately 38% from its current value.
Is it real?
In his technical reviews, Brandt believes that a similar situation is in the cards for Ethereum right now. However, whether such an outcome is possible from a fundamental point of view is the question.
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While the Ethereum (ETH) price appears to be weakening, it’s important to note that this is predominantly when compared to Bitcoin (BTC) and Solana. However, Ethereum and other cryptocurrencies are demonstrating a strong desire to reach unprecedented peaks, and in doing so, they are pulling the entire market along with them.
Since all cryptocurrencies seem to follow similar trends, could it be possible that a 38% decrease in Ethereum’s price might lead to a decline in other crypto assets as well?
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2024-11-01 12:45